Residential Valuation Standing Instructions

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1 Australian Banking & Finance Industry Residential aluation Standing Instructions For PropertyPRO, Restricted aluation and Progress Inspection Reports ersion September 2015 Page 0

2 Contents PROPERTYPRO GENERAL MATTERS... 3 In Scope... 3 Out of Scope... 3 aluer s Qualifications... 4 Limitations and Exclusions... 5 Report Format & Guidelines... 5 Administration... 5 aluation Date and Signatories... 5 Professional Expectations... 5 aluation Assessments... 6 Market alue... 6 Definition of Market alue... 6 Replacement Insurance... 6 Rental alue... 6 Estimated Selling Period... 6 Sales Evidence... 7 Providing sales evidence... 7 Agents Advice /Unsettled Sales... 7 Land, Title & Zoning... 8 Providing title details... 8 Zoning & Use... 8 acant residential land... 9 Services and Access... 9 Improvements General Home Units Essential Repairs Identifying Adverse Risks Recommending Documents to Sight Conditional Reports Providing Additional Comments Issuing Amended Reports Photographs of Existing Property e r s i o n S e p t e m b e r Page 1

3 PROPERTYPRO CONSTRUCTION AS IF COMPLETE ALUATIONS (Excluding Owner Builders ) Construction Documents Noting Construction Documents Check Costs and Drawdown Schedules Additional Quotes (out of contract items) Building Contracts (including Additional Quotes) that result in an incomplete dwelling Split Contracts for Multiple Dwelling Residential Developments PROPERTYPRO CONSTRUCTION AS IF COMPLETE ALUATIONS - Owner Builders Construction Documents Photographs PROGRESS INSPECTION REPORTS Issuing the First Progress Inspection Report Issuing Final Progress Payment Inspection Reports Photographs OTHER PROPERTY TYPES Two Dwellings on one title Residential Property with Development Potential Residential Properties Subject to Non Standard Leases Off the Plan Purpose Built Student Accommodation & Serviced Apartments RESTRICTED ASSESSMENTS In Scope Out of Scope ALUATION RISK ALERTS (If Applicable) e r s i o n S e p t e m b e r Page 2

4 PROPERTYPRO GENERAL MATTERS These aluation Standing Instructions provide operational clarity and are subject to the API PropertyPRO Supporting Memorandum. In the event of any inconsistency, the provisions of the API PropertyPRO Supporting Memorandum shall prevail. In Scope A single house or dwelling. A single home unit, villa or townhouse. A vacant allotment on which the construction of not more than two residential dwellings is permissible. Dual occupancy properties in which no more than two dwellings are held on one certificate of title. A serviced apartment where permanent occupation is a permissible alternate use. As If Complete or To Be Erected residential dwellings (no more than two dwellings on one title). A non-income producing rural residential property where a single residential use is permissible (including hobby farms). A leasehold residential property where the head lessor is the Crown / Government Agency. A Company Title home unit. Out of Scope A property for which a residential use is not permissible. Retirement villages, hostels and aged care units. Boarding houses. A serviced apartment for which the current zoning, restrictions on title and/or management agreement does not allow a permanent residential use. (refer page 22) Bed and breakfast. Properties with three or more dwellings on one title (e.g. houses, flats, units and villas). Rural properties which are income-producing. Rural properties which are not suitable for residential use. Agricultural water licences that may be sold independently from a rural property. Any commercial property including office, retail or industrial. A Display Home for which the current zoning, restrictions on title and/or lease does not allow a permanent residential use. (refer page 22) Mixed use properties (e.g. shop and residence - note: this does not refer to residential properties in a mixed use zoning). Properties that do not have legal street access (e.g. a "land locked" property). Development sites. (refer page 21) Properties subject to moiety title (SA), purple title (WA), stratum titles, limited title or life tenancy, and (Residential flat building subject to tenants in common, excluding single home units). e r s i o n S e p t e m b e r Page 3

5 Australian Banking & Finance Industry Residential aluation Standing Instructions aluer s Qualifications In States where registration or licensing is required, the instructing party will only accept residential property valuations by the inspecting aluer who must be registered or licensed in that State or Territory. Do not proceed with a valuation if you do not hold the appropriate licence / registration. All aluers must be a member of the Australian Property Institute (API).Table 1 (shown below) outlines the acceptable API & RICS classifications, counter signatory and dollar limits for the particular valuation types. Table 1: API & RICS Classifications API/RICS Classification CP Counter Signature by CP Required aluations up to $1mil aluations exceeding $1mil Construction aluations up to $1mil Construction aluations exceeding $1mil Restricted Kerbside aluations Progress Inspections For tenders up to $1mil Progress Inspections For tenders exceeding $1mil PMAPI RP No Yes Yes No* Yes No* Yes Yes No* AAPI Yes No Yes Yes Yes Yes Yes Yes Yes AAPI No Yes Yes Yes* Yes Yes* Yes Yes No* FAPI Yes No Yes Yes Yes Yes Yes Yes Yes LFAPI Yes No Yes Yes Yes Yes Yes Yes Yes MRICS NA No Yes Yes Yes Yes Yes Yes Yes FRICS NA No Yes Yes Yes Yes Yes Yes Yes The instructing party will only accept residential property valuations by a aluer who holds the API approved classifications as stated in the table above, all other API classifications are excluded. *Subject to API Supervision Guidelines as contained in 1.6.1& of the PropertyPRO Supporting Memorandum. Page 4 e r s i o n S e p t e m b e r Page 4

6 It is the responsibility of aluers to ensure they are compliant with the requirements of membership to their Industry Body. For example; the API & RICS require continuing professional development be conducted by their members. Limitations and Exclusions aluers must be appointed to the Instructing Party s individual panel before conducting valuations. Report Format & Guidelines Complete your report in accordance with the Australian Property Institute (API) PropertyPRO format. Follow the most recent PropertyPRO Residential aluation and Security Assessment Pro-forma Supporting Memorandum, together with the relevant Practice Standards and Guidance Notes. Administration Address your report to the instructing party. State the loan application number and/or any other reference identifier. State the PropertyPRO report may be relied upon for mortgage lending purposes by the instructing party and their mortgage insurers. aluation Date and Signatories The valuation date must be the date of inspection. The prime signatory must be the inspecting aluer. The report should state the prime and counter signatory s name, API and RICS (where applicable) membership classification and aluer s registration number, together with the valuation firm or panel manager s contact details. Professional Expectations Be independent and at arm s length from all parties including the borrower, vendor, developer, purchaser, real estate agent, introducer, mortgage manager or mortgage originator. If the aluer or aluation firm discovers or is made aware of a material conflict of interest, the instructing party should be notified immediately. The aluer will report on all headings as mentioned within these Standing Instructions, on the basis that these comments are to be restricted to those which in the aluer's opinion materially affect value and marketability and are apparent to the valuer having undertaken a normal scope of inspection and investigation appertaining to a PropertyPRO valuation inspection. The aluer is not expected to provide expert advice or commentary on issues that fall more appropriately into the domain of other specialist professions such as Building Inspectors, Pest Inspectors, Architects, Quantity Surveyors, Lawyers, Environmental or Asbestos Specialists, Town Planners and where comments are made on those issues by the valuer, they should be provided and accepted on the basis that they are from a person who is not an expert nor qualified in those areas. Page 5 e r s i o n S e p t e m b e r Page 5

7 aluation Assessments Market alue Provide an assessment of market value as at the date of inspection. Exclude goods, chattels or any known financial incentives; e.g., furniture, rebates, trade dollars, tax incentives, etc. Definition of Market alue The definition of Market alue as stipulated by the International aluations Standards Council and endorsed by the Australian Property Institute and New Zealand Property Institute is: The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion. (ISC 2013 Adopted by the API 01/01/2014) Replacement Insurance Provide an assessment for building insurance. Your assessment should include the current replacement cost as well as allowances for: o Demolition, removal of debris and clearing of the site for reconstruction; and o All professional fees; and o Council and other statutory fees and charges; and o An escalation allowance on all costs through the insured year from the valuation date. Rental alue Provide a single figure assessment of market rental for the property, subject to a standard residential tenancy. Your assessed rental value should not take into account short-term or holiday letting. Also indicate the current rent where applicable in Section 8 Additional Comments of report. Estimated Selling Period Provide an estimated selling period that reflects current market conditions and the assessed market value. If the selling period is greater than 6 months, provide explanatory comments in Section 8 (Additional Comments) of the Report. Trigger a aluation Risk Alert (RA) if the selling period is greater than 6 months (if applicable). e r s i o n S e p t e m b e r Page 6

8 Sales Evidence Providing sales evidence The sales evidence utilised in the valuation report should ideally: Include a minimum of three settled relevant sales; and Be within six months of the date of valuation; and Be within 15% (plus or minus) of the assessed market value; and Be of a similar type, location, age, condition, size, etc. For new properties that form part of a development incorporating common areas and/or shared facilities (such as Strata Title, Community Title, Plan of Subdivision etc.); a minimum of three settled sales external to the development are to be provided. For vacant land and/or new house and land properties situated within a new residential estate; a minimum of three settled sales and / or re- sales external to the subject residential estate are to be provided. Where the minimum requirements for sales evidence per above is unavailable, you should provide explanatory comments in Section 8 (Additional Comments). Note; a minimum of three settled sales is a mandatory requirement in all instances. Additional agent advised or unsettled sales may be relied upon. Status and reliability of all evidence must be noted. You must provide an adequate description of the sale property for all sales evidence utilised and provide pertinent details of the sale, including its comparability to the subject in accordance with PropertyPRO Supporting Memorandum requirements. For the purposes of this document the following definitions apply: A settled sale is a sale whereby title has transferred to the new owner and that transfer of title has been duly registered by the relevant State or Territory authority. It is sufficient for the aluer to rely upon information provided via industry recognised third party sales databases such as RP Data, Red Square, to confirm the details of the transaction. A re-sale is considered to be a sale transaction subsequent to the initial Off The Plan or New sale by a builder/developer or builder/developers agent. Agents Advice /Unsettled Sales Agents Advice and/or Unsettled Sales should only be included in addition to the 3 mandatory settled sales, and must be clearly identified. Additional commentary in respect to these sales, such as their source, must be provided. Reliance upon Agents Advice and/or Unsettled Sales as evidence to support an assessment of market value is at the aluer s discretion. However, the instructing party will not accept any assumption that the Agents Advice/Unsettled Sales will proceed to settlement at the advised sale price. Agents Advice/Unsettled sales evidence must be clearly identified in the valuation report, but may be recorded in Section 7 Sales Evidence & The Market. e r s i o n S e p t e m b e r Page 7

9 Transactions without a Real Estate Agent and / or Not At Arm s Length Sale Provide comment when the current sale of the subject property has taken place without the intervention of a Real Estate Agent and / or is considered to be a not at arm s length transaction. Land, Title & Zoning Providing title details Unless otherwise agreed or instructed, you are not required to search a certificate of title. However, you should recommend (within Section 8 Additional Comments) further investigation or a title search be conducted if you believe the property s saleability and/or value may be adversely affected by any known or observable encumbrances such as easements, covenants, caveats, etc. Provide comment if the property is considered to be adversely affected by known or observable issues. It is expected that title details will be provided by the aluer as they are required as an aid to identification (this does not infer that a title search has been undertaken). Suitable sources from which title details may be obtained include Property Data providers, Council information / websites, Rate Notice etc.) Zoning & Use You should consider and comment on any zoning issues relevant to the subject property. You should: State the relevant zoning and planning instrument; and Confirm the current use and configuration of the property appears to be a permitted use; and Identify any part of the property that appears as though it is not being used for its designed purpose; and Confirm the current zoning controls legally permit a residential use; and Highlight any proposed zoning changes you are aware of that will directly or indirectly affect the property; and Highlight any observed structures or improvements you believe may not be Council approved. Where the property is vacant land, state that it is suitable for use as a single residential property or, otherwise, as appropriate. e r s i o n S e p t e m b e r Page 8

10 acant residential land Registered vacant residential land You should: Identify and physically inspect the subject allotment (this means a sufficiently comprehensive inspection of the subject allotment to enable the valuation to be completed in accordance with accepted valuation practice); Note the purchase price, contract date and indicate whether you have sighted the Contract of Sale and Special Conditions, where applicable; Note the surrounding area and identify any adverse characteristics that impact value, such as high voltage transmission lines which may be within visual view/line of sight from the subject property. (Refer to the section Identifying Adverse Risks on pages 11 and 12). If you have not identified and physically inspected the subject allotment, you should not submit the valuation and refer the request to the instructing party. Unregistered vacant residential land You should: Identify and physically inspect the subject allotment (this means a sufficiently comprehensive inspection of the proposed subject allotment to enable the valuation to be completed in accordance with accepted valuation practice); and Identify the proposed subject allotment with reference to a draft plan such as a deposited plan or plan of subdivision; Note the purchase price, contract date and indicate whether you have sighted the Contract of Sale and Special Conditions, where applicable; Indicate the anticipated completion date of the development, where possible; Note the surrounding area and identify any adverse characteristics that impact value, such as high voltage transmission lines which may be within visual view/line of sight from the subject property. (Refer to the section Identifying Adverse Risks on pages 11 and 12). If you have not identified and physically inspected the subject allotment and not identified the subject allotment with reference to a draft plan, you should not submit the valuation and refer the request to the instructing party. If the Certificate of Title is not issued, at the date of valuation, you should value the property As If Complete and clearly indicate this in the report. Services and Access To the extent possible; you should state whether the following services are connected to the property: Electricity. Water (mains or tank water). Gas (mains or bottle gas). Sewerage system (mains or on-site system). Telephone. e r s i o n S e p t e m b e r Page 9

11 You should note whether or not the property has all weather road access. If the property is not connected to any of these services or does not have all weather road access; you should highlight accordingly and provide appropriate comment in Section 8 (Additional Comments) of the report. If the property does not have legal street access (i.e. land locked), the property is considered to be out of scope and the request should be referred back to the instructing party. Improvements General You should: Fully inspect all improvements; both internally and externally in line with normal industry practices for a PropertyPRO mortgage lending product. If you are unable to access a habitable area of the improvements, you should comment on this in Section 8 of the report. However, if the inspection of the restricted area is considered by the valuer to be critical to the assessment, you should not submit the report and the request should be referred back to the instructing party. List outdoor areas, car parking and storage areas separately. Highlight any additions and/or alterations which are apparent. Highlight any structures or improvements you believe may not be council approved. Home Units You should: Specify the total number of units within the complex; and Describe the unit s location (including level and aspect) within the development; and Indicate the number of storeys in the development. Essential Repairs Essential Repairs are any observable works required that: Renders the dwelling uninhabitable; or Diminishes the structural integrity of the building; or Cause the property to be incomplete. Unless instructed otherwise, any property requiring essential repairs should be valued on an as is basis. The essential repairs should be described in your capacity as a Real Estate aluer. You should provide details on allowances or cost estimates that you have made to arrive at your assessment with reference to the essential repairs, and the impact on value and saleability. If the essential repairs are significant and require a professional cost estimate; you should recommend that the instructing party obtain a costing report from a Quantity Surveyor or formal quote from a registered builder. e r s i o n S e p t e m b e r Page 10

12 Identifying Adverse Risks If you identify any material adverse risks affecting the subject property, you should provide appropriate comments in Section 8 (Additional Comments) of the report. You should distinguish between Critical and General risks: A general adverse risk is considered to be an effect that is common to the area / location and does not have an adverse impact on marketability and value specific to the subject property. Conversely, a critical adverse risk is specific to the subject property and considered to have a negative impact on marketability and value. Appropriate and consistent Risk Ratings and RA should be applied. Adverse Risk may include for example, any of the following: Onerous Easements / Encroachments. Environmental hazards. Zoning Issues. Local authority planning / building approval. Onerous (i.e. not considered normal for properties in the area) heritage affectation or preservation orders. Flood / Inundation. Landslip or mines subsidence. Main road acquisition. Pest infestation. Essential repairs or Building defects. Mobile phone tower. Restrictions on access to the property. High voltage transmission lines. Proximity to industrial properties. Railway lines. Airports/flight paths. Correctional facilities. Excessive noise. Etc. The exception to distinguishing between Critical and General risks is in the treatment of high voltage transmission lines where irrespective of whether the lines are considered a Critical or General risk, they are to be treated as an adverse risk and comment must be made. Specifically, you should provide an estimated distance from the nearest boundary to the high voltage transmission lines (in the case of larger land holdings (greater than 1 acre / 4000 sqm), the aluer should also provide an estimated distance from the main residential dwelling to the high voltage transmission lines). Any notification of adverse risks such as the above; should be accompanied by commentary indicating the nature of the adverse risk (for example within 50 metres of high voltage transmission lines) and how the risk affects saleability and value. You should also confirm these risks have been accounted for within the assessed value. e r s i o n S e p t e m b e r Page 11

13 Recommending Documents to Sight You should attempt to obtain any public or reasonably available documentation that may impact marketability and value. You should submit the valuation and distinguish between Critical and General recommended documents to sight. A general effect is considered to be an effect that is common to the area/location and does not have an adverse impact on marketability and value specific to the subject property. Conversely, a critical effect is specific to the subject property and considered to have a negative impact on marketability and value. You should provide comments on why a document is considered to be Critical Table 2 provides examples of General versus Critical effects on a property. e r s i o n S e p t e m b e r Page 12

14 Table 2: General vs. Critical Effects on a Property Document General Effect Type Flood Certificate The property is in a known flood affected area; however, this is common to neighbouring properties. The subject is NOT known to have been flood damaged. Critical Effect The flood affectation is specific to this property and does not commonly affect neighbouring properties. There is evidence the property has been damaged in recent times by flood. Pest and Building Certificate Contract of Sale Lease Agreements Final Occupation Certificate (or equivalent) Certificate of Title The property is under contract and a Pest and Building report should be obtained by the purchaser as a matter of course. The property is in an area surrounded by bush and is susceptible to termites; however, there is no visual indication of termite activity past or present. The property is under contract and the purchase price is within reasonable parameters; however, a Contract of Sale has not been provided. The property appears to be leased under standard residential terms. The property is a recently completed dwelling. The property is located in a new subdivision. There is evidence of termite activity. There is visible evidence of building defects or structural issues. The aluer suspects there may be rebates or incentives included within the purchase price. The aluer suspects the sale may not be at arm s length. The property is subject to a non-standard tenancy agreement (e.g. management agreement - letting pool, DHA, display home, NRAS, etc.) The property has recently been extended, however, the aluer suspects the works may not have been Council approved. The property is a dual occupancy which is reported to be held under individual title; however the aluer does not believe this to be the case. Deposited Plan Mine Subsidence Certificate The property is located in a new subdivision and the allotment has been clearly identified. When a property is located in a designated mine subsidence area. The aluer suspect there is no direct street access to the property and has not been able to ascertain this through readily available information. When a property is located in a designated mine subsidence area and you suspect the improvements have not received appropriate Council approvals. e r s i o n S e p t e m b e r Page 13

15 Document Type General Effect Critical Effect Site Survey (e.g. Surveyor s Report) The property is vacant land with clearly defined boundaries. The site boundaries are not readily identifiable and the aluer believes the improvements may be encroaching over the adjoining allotment. Heritage Impact Statement The property is located in a Historical conservation/preservation area, featuring dwellings of a similar age, design and construction to the subject. The property is proposed to have additions and alterations and the aluer suspects the property may be heritage listed. No heritage study has been provided and the works do not appear to have received heritage approval from the appropriate consent authority. Zoning Certificate Building Quote (from a licensed tradesman) Contaminated Land Search Body Corporate Statement (incl. Minutes and Financial Reports) Management Agreement Geotechnical Engineer s Report The property is located in a mixed use zone, where a residential use is permitted. The dwelling requires minor works, e.g. a missing kitchen and an allowance have been made to value the property as is. The property is part of a newly approved residential subdivision on reclaimed land and there is no evidence of contamination. The property is a Strata Titled unit with no apparent defects. A Management Agreement is a mandatory document for the assessment of Serviced Apartments and Student Accommodation. Enquiries through Council regarding the zoning are inconclusive. The dwelling has an incomplete extension, currently at frame stage, and an allowance has been made to account for the essential repairs required to complete that extension valued as is. The aluer suspects the property may be contaminated as a result of the site inspection. The apartment comprises the amalgamation of two existing units and the aluer has not sighted approvals. A Management Agreement is a mandatory document for the assessment of Serviced Apartments and Student Accommodation. The property is located in a designated land slip area; however, the property shows no sign of any slippage or ground movement. The property is located in a known land slip area and shows signs of slippage. Structural Engineer s Report The dwelling is of an unusual architectural design and has been constructed from non-standard materials. However, there are no signs of any structural movement or failures. The dwelling shows signs of movement to the footings and damage to the cladding. The aluer suspects that these visible signs may be caused by structural deficiencies. e r s i o n S e p t e m b e r Page 14

16 Conditional Reports Where documents are not reasonably available and if the valuer is of the view that the lender should sight documents that are important to the value of the property, the valuer should still express an opinion of value, however, state clearly (in Section 8 Additional Comments) that this value is conditional on those documents not showing any matters which materially alter the value of the property. Providing Additional Comments You should provide additional comments that support and expand on the details of the report; especially in relation to any material adverse risk(s) affecting the property. Issuing Amended Reports When amending a report, you should ensure the words Amended Report are clearly marked on the front page. If the valuer issues an amended report the report must stipulate what has been changed and provide relevant additional information to support the amendment. A summary of the changes should be included in the first comment of Section 8 Additional Comments Amended Reports are to be issued in accordance with the PropertyPRO Supporting Memorandum however; all such amended reports must be reviewed and counter signed by a CP who is also a director, principal, partner or valuation manager. Photographs of Existing Property Your report should contain a minimum of five colour photographs of the subject property, taken by the aluer at the time of inspection, including: One front elevation; and One rear elevation; and One kitchen; and One bathroom; and One showing a view, significant external improvements or defects of the property (e.g. Harbour view, swimming pool, structural defects to the improvements etc.) Your photographs should be date and time stamped. If this function is not available on your camera, you should provide comments in Section 8 (Additional Comments) of the report setting out the date and time the photographs were taken. If you cannot comply with the above minimum requirements; you should provide specific comments including: The reason for not complying with the photographic requirements. Confirmation that you have fully inspected the property (in line with valuation industry expectations). Do not use photographs taken by third parties, or from third party websites. e r s i o n S e p t e m b e r Page 15

17 PROPERTYPRO CONSTRUCTION AS IF COMPLETE ALUATIONS (Excluding Owner Builders ) PropertyPRO Construction As If Complete valuations must comply with the requirements (where applicable) noted in the previous sections of this document. Construction Documents Ideally, you should sight the following documentation for a PropertyPRO Construction As If Complete assessment: A copy of an executed fixed-price home building contract, including any variations; and A schedule of proposed finishes and specifications; and Council Approved plans with dimensions and measurements, including site plan, floor plans and elevations (or Privately Certified plans where applicable). Where the above is not available, you should sight, at a minimum, the following documentation: A copy of a draft building contract, or formal tender; and A schedule of proposed finishes and specifications; and Formal scaled plans with dimensions and measurements. Where the above minimum documents have not been provided, do not proceed with the valuation. The valuation instruction should be referred back to the instructing party. Noting Construction Documents You should always identify the construction documents you have sighted and relied upon; for example: Executed (signed and dated) home building contract versus draft (unsigned) contract / tender. Council Approved/Privately Certified plans versus draft plans. ariations and additional legitimate quotes. Council approvals; including the development approval number (or equivalent) and indicate the date that council granted development consent, when provided. Check Costs and Drawdown Schedules You should: Provide a check cost for construction based on the proposed construction (reflecting primary contract only). If the construction materials and/or design are highly unusual; advise whether a specialist report (for example a Costing Report or Quantity Surveyor s Report) should be obtained by the instructing party. Comment on whether the drawdown schedule is within legislative / industry parameters. e r s i o n S e p t e m b e r Page 16

18 Additional Quotes (out of contract items) If out of contract items are included in your assessment, you should: Only rely on formal quotations/tenders/contracts from third party contractors (i.e. Not the owner). Only utilise out of contract items if they pertain to fit-out and/or ancillary improvements. Clearly identify the out of contract items within the valuation report and list them separately in the Additional Comments (Section 8). The nature of work, tender amount and name of the contractor should be noted. Building Contracts (including Additional Quotes) that result in an incomplete dwelling Where the proposed construction per the Building Contract and any Additional Quotes, do not include items that would result in a fully established and/or lettable dwelling, you should: Clearly detail the excluded item(s). Exclude those items from your assessment. Note the impact on saleability. Comment on any adjustments made to the valuation assessment. Trigger a RA 3 e r s i o n S e p t e m b e r Page 17

19 Split Contracts for Multiple Dwelling Residential Developments You should first determine and clearly identify whether the property is a Multi-Unit Residential Development with the purchase price split between a land contract and building contract. Multi-Unit Residential Developments with acceptable split land and building contract arrangements should have the following characteristics: The land is accessible by road (i.e. access roads have been constructed); The land is serviced (i.e. sewer / water / electricity); The dwelling can be built on the land independently from other dwellings and such construction can occur at reasonable cost; The development approval does not prohibit independent construction or occupation; There are no restrictive covenants in relation to resale. Where these characteristics exist, the market value of the property within the proposed development can be: Apportioned between land and buildings; or alued as vacant land for residential mortgage security purposes where the land itself is saleable at the assessed market value under normal market conditions and under reasonable condition of sale. If the above characteristics are not present, you should: Provide a single figure assessment of market value on an "As if Complete" basis (Treat as "off the plan purchase"). Provide an estimated completion date Not provide an apportionment of land and improvements. Not provide a land only valuation Trigger RA 1 to flag adverse risk, apply appropriate risk ratings and provide specific comment regarding the inherent risk with the development during the construction period. Detached single house and land packages with split land and building contracts are acceptable and you should refer to the PropertyPRO Construction - "As If Complete" aluations section for standing instructions. e r s i o n S e p t e m b e r Page 18

20 PROPERTYPRO CONSTRUCTION AS IF COMPLETE ALUATIONS - Owner Builders PropertyPRO Construction As If Complete valuation reports for Owner Builders, must comply with the requirements (where applicable) noted in the previous sections of this document. You should: Identify in the report that this is an owner builder scenario. Describe the works in the formal quotations provided by the lender/client. Confirm whether the formal quotations will result in a complete dwelling. Report the total cost of construction based on the formal quotations sighted. Note Council approvals; including the development approval number (or equivalent) and indicate the date that council granted development consent, when provided. If the formal quotations provided by the lender/client do not result in a complete dwelling, do not proceed with the valuation. The instruction should be referred to the instructing party. Construction Documents At a minimum you should sight and comment on the following documents: Scaled plans (with dimensions). Quotations from all subcontractors (including proposed finishes and specifications). Where the above minimum documents have not been provided, do not proceed with the valuation. The instruction should be referred to the instructing party. Photographs Your report should include a minimum of one colour photograph of the subject vacant land and any improvements taken by the aluer at the time of inspection. Your photographs should be date and time stamped. If this function is not available on your camera, you should provide comments that the photograph was taken at the time of the inspection. If the PropertyPRO Construction - As If Complete valuation relates to an addition or alteration of an existing dwelling, you should provide photographs as per the requirements for an existing property. Do not use photographs taken by third parties or from third party websites. e r s i o n S e p t e m b e r Page 19

21 PROGRESS INSPECTION REPORTS You should: Inspect the subject property both internally and externally. Confirm that construction to date is in accordance with the approved building plans. Confirm the stage claimed on the builder s invoice has been affixed/completed (as per the contract between the builder and the borrower). Indicate the Balance to Contract (otherwise known as Cost to Complete) in accordance with the progress payment schedule set out in the building contract. Note You should: Highlight any variance from industry / legislative parameters within the additional comments. Highlight any builder s claim that does not align with the progress payment schedule. Issuing the First Progress Inspection Report You should not issue the first progress payment inspection report before having received and reviewed: The executed building contract. The agreed schedule of finishes and specifications. Council Approved/Privately Certified plans with dimensions and measurements, including site plan, floor plans and elevations. If any of the above documents were provided after the PropertyPRO Construction As If Complete valuation, you should confirm that they are in accordance with the draft construction documents supplied and relied upon in the Construction As If Complete valuation. Issuing Final Progress Payment Inspection Reports When issuing final progress payment reports, you should: Confirm whether final certification has been sighted by the aluer (for example, the Occupation Certificate, Final Inspection Certificate or equivalent). Note any unfinished works that result in the aluer not recommending a portion or all of the invoiced final payment to the builder. Photographs Your report should include photographs clearly showing the state of building completion as at the date of inspection (providing evidence of the finished and any unfinished works). Your photographs should be date and time stamped. If this function is not available on your camera, you should provide comments accordingly. e r s i o n S e p t e m b e r Page 20

22 OTHER PROPERTY TYPES This section sets out the requirements for valuation reports of the following property types: Two dwellings on one title. Development sites. Residential properties subject to non-standard leases. Off-the-plan. Purpose built student accommodation & serviced apartments. Dwellings not permanently affixed to the site. Company Title Units. When completing valuation reports on these property types, you must comply with the requirements (where applicable) noted in the previous sections of this document. Two Dwellings on one title When valuing two dwellings on one title, you should: alue the property in one line and do not assume individual titles; and Describe the details of each property separately, including accommodation, areas and car accommodation for each of the dwellings; and Provide a separate rental assessment for each dwelling; and Confirm the existing configuration complies with the current zoning provisions; and Highlight any illegal configurations; and Confirm if the dual occupancy was originally designed and constructed as a single residence; and If a hypothetical development assessment has been utilised, you should provide all calculations and assumptions. Note: If you have been specifically instructed to provide individual assessments, you should: Ensure the value component is assessed As if Complete subject to the registration of the proposed Plan of Subdivision and individual title; and Indicate the proposed Lot number and describe the lot as subdivision of its parent parcel; and Obtain and sight the proposed plan of subdivision of the parent parcel, clearly identifying the existing title, the proposed lot, dimensions, site area and the proposed title or tenure the new allotment will be registered under; and Ensure that construction documents relating to any proposed dwelling to be undertaken in these circumstances must be specific to the proposed allotment and not relate to other property not subject to the valuation undertaken; and Trigger RA 1, to alert the higher risk associated with a valuation being undertaken on the assumption of two dwellings on one title until registration of the proposed plan of subdivision. Any instruction issued without documentation consistent with the above should be returned to the instructing party. e r s i o n S e p t e m b e r Page 21

23 Residential Property with Development Potential In Scope A property with development potential, or approval, for two allotments/properties is considered in-scope for a PropertyPRO valuation. A property with development potential for more than two allotments/properties is only considered to be in scope, and should be valued on a Highest and Best use basis, if all the following conditions are met. The site: Does not have a current development application/approval; and Is readily saleable at the assessed market value to the broader market (i.e. appealing to owner occupiers, investors and developers); at similar value levels; and Can be valued by the direct comparison method and supported by sales evidence of similar in scope sites. For PropertyPRO valuations of in scope development sites, you should confirm in section 8 (Additional Comments) of the report that the property does not have a current development application/approval for more than two allotments/properties and that it is readily saleable at the assessed market value to the broader market at similar value levels. Out of Scope A property with potential for more than two allotments/properties will be considered out of scope, if the Highest and Best use of the site has any of the following conditions: If the site: Has a development application/approval in place for more than two allotments/properties; or Appeals only to the developer market and not to the domestic residential market; or Cannot be valued using the direct comparison approach using sales evidence of 'in scope' sites Residential Properties Subject to Non Standard Leases This section addresses valuations of residential property subject to a non-standard long term lease or agreement, such as; National Rental Affordability Scheme (NRAS), Defence Housing Australia (DHA): You should: Assess the market value, subject to the existing lease; and Provide an additional assessment of market value subject to vacant possession in Section 8 (Additional Comments) of the report; and Sight the lease and note any onerous conditions. Indicate whether the lease has been executed. Note the terms of the lease in Section 8 (Additional Comments) of the report (e.g. the commencement date of the lease, passing rent, the term and option periods, rent review, etc.); and Indicate any adverse impact to marketability the lease may have on the property. e r s i o n S e p t e m b e r Page 22

24 Display Homes Display Homes are considered in scope for PropertyPRO report only if the property is suitable for permanent residential occupation and can be used for permanent residential occupation within a relatively short period of time (i.e. not more than 12 months). If the display home s current zoning or restrictions on title do not permit a permanent residential use and/or the lease doesn t allow a permanent residential use, the property is considered out of scope for a PropertyPRO report. Off the Plan When valuing properties purchased off the plan, you should: Note the off the plan purchase price and contract date; and Indicate whether you have sighted the Contract of Sale and Special Conditions; and Indicate the anticipated completion date of the development; and If the property was not complete, or the Certificate of Title is not issued, at the time of inspection you should value the property As If Complete and ensure the report clearly indicates as such. Purpose Built Student Accommodation & Serviced Apartments You should first determine and clearly identify if the property has an alternative use of permanent occupation. If the property does not have alternative use for permanent occupation, it is considered out of scope and requires an in use valuation. If the property is able to be permanently occupied, it is within scope and you should: alue the property on a vacant possession basis; and Confirm the terms for which the property can be removed from the letting pool or management agreement; and Exclude the value of any furniture; and Provide an assessment of market rental subject to standard residential terms; and Sight the lease / agreement documents. Do not proceed without sighting these documents. If these documents are not provided refer the valuation request back to the instructing party; and Outline the terms of the lease / agreement. Dwellings Not Permanently Affixed to the Site (Relocatable Homes) The value of any improvements that are designed to be relocated and/or not permanently affixed to the site (e.g. mobile or relocatable homes) should be excluded from the assessment (i.e. assessed as vacant land). For the purposes of these Standing Instructions, relocatable homes are considered to be any dwelling unit that is designed and constructed to be moved in one or more prefabricated sections from one position to another and is not permanently attached to a site other than for the provision of services. However, it is important to also have regard to the relevant planning scheme as different planning schemes have different definitions of relocatable homes. e r s i o n S e p t e m b e r Page 23

25 You should nevertheless provide a description of any such improvements in the Additional Comments (Section 8) of the report including detailed comments on the degree of attachment of the improvements to the land. Company Title Units If you are instructed to value a Company Title Unit, you should: Sight a copy of the Company s Constitution (memorandum & articles of association) noting any adverse restrictions, such as; the right to lease, restrictions on disposal etc.; and Sight a copy of the Share Certificate and confirm in conjunction with the Company s Constitution, that those shares provide exclusive occupation of the subject unit; and If the valuation pertains to a sale scenario, sight the Share Transfer Form where possible and confirm that it correlates to the shares listed in the Share Certificate. If you are unable to sight the Company s Constitution (memorandum & articles of association) and Share Certificate do not proceed with the valuation. The valuation request should be referred back to the instructing party. When valuing properties held under Company Title you should: ensure that the interest valued is Shares in a Company Title Building ; and Include sales evidence that are clearly identified as company share transactions where possible e r s i o n S e p t e m b e r Page 24

26 RESTRICTED ASSESSMENTS Restricted Assessments (kerbside inspection) must be completed in accordance with the Restricted Assessment Supporting Memorandum as contained in Section 16.3 of the ANZPS and as amended. As part of your restricted assessment, you should: Provide an indicative Market alue Range. Provide an indicative Market Rental Range. Provide general comments on location and amenity. Provide general comments on condition and presentation. Provide Risk Ratings (as per the PropertyPRO supporting memorandum methodology). Include a time and date stamped photograph of the front of the property as at the date of assessment. Take relevant notations on the property being valued. In Scope A single house or dwelling. A single home unit, villa or townhouse in a Strata or Community Plan. A dual occupancy property (e.g. two units on one title). A vacant allotment on which the construction of a single residential dwelling is permissible. A non-income producing rural residential property where a single residential use is permissible and / or the property is less than two hectares in size. Out of Scope If you are instructed to value a property belonging to one of these types, refer the instruction to the instructing party: Proposed dwelling (including additions and alterations to existing dwellings) incomplete dwellings. A residential dwelling that appears to be in poor / uninhabitable condition. A residential dwelling that is not permanently fixed to the site. A property for which a residential use is not permissible under the current planning controls. New developments (including new land subdivisions). Student accommodation. Retirement villages, hostels and aged care units. Hotel / motel style apartments. Serviced apartments subject to a management agreement or planning control that restricts its use for permanent occupation. Serviced apartments subject to a leaseback agreement. Boarding houses. Bed and breakfasts. Properties with three or more dwellings (houses, flats, units and villas) over one title. Properties subject to moiety title (SA), purple title (WA), stratum titles, limited title or life tenancy and (Residential flat building subject to tenants in common, excluding single home units). Rural property that is income-producing. e r s i o n S e p t e m b e r Page 25

27 Water licences with rural property. Properties used for non-residential purposes. Display homes. Unique residential properties or those falling within upper market levels. If you are unable to complete the Restricted Assessment you should recommend that a PropertyPRO report be prepared. Where such a recommendation is made, you should also note the main reason for the recommendation. e r s i o n S e p t e m b e r Page 26

28 ALUATION RISK ALERTS (If Applicable) The purpose of the aluation Risk Alert (RA) is to identify predefined risks associated with property. This section sets out the requirements for triggering a RA. (Note that Risk Ratings and Risk Comments must be consistent with any RA that is triggered). You should trigger a RA in response to the following predefined risk alert questions and a yes response requires further comment: 1. Does the subject property comprise a higher risk or a non-residential property type? You should trigger this RA if an aspect of the property is something other than strictly residential or is onerous in nature. For example: A rural residential property configured and constructed as a dwelling, however, is utilised as a bed and breakfast. A risk alert should be triggered as the current use is something other than strictly residential. A three bedroom townhouse located near a university which has been reconfigured to five bedrooms and leased on a per room basis to students. A risk alert should be triggered as the configuration has been altered and use of the property is something other than strictly residential. An inner city terrace being owner occupied as a primary residence, however, the owner is a chiropractor and has converted part of the terrace for use as treatment rooms. A risk alert should be triggered as the current use and configuration of the property is something other than strictly residential. A Company Title unit. A residential property held under leasehold tenure, outside of the Australian Capital Territory (ACT). A rural residential property with a dwelling, however, is also utilised as a nursery and hobby farm. A risk alert should be triggered as the use of the property is not strictly residential. Dwellings that are part of the NRAS Scheme & Display Homes. A dwelling that is reliant on existing use rights. A property where the only building improvement is not designed, constructed and / or approved as a habitable dwelling. Such as Land with Minor Improvements consisting of a shed or shipping container. Examples of non-residential property types include: All commercial, industrial and retail properties including mixed use properties (e.g. shop & residence). Retirement villages, aged care units and over 55 s. Boarding houses, hostels, short stay accommodation. Three or more dwellings on one title. Student accommodation. Re-locatable / mobile home. Serviced apartments. Development sites. Income producing rural properties and rural land not suitable for residential use. e r s i o n S e p t e m b e r Page 27

29 2. Are there any adverse marketability issues that would require an extended selling period of more than 6 months? You should trigger this RA if the assessed value reflects a selling period greater than 6 months (The selling period should be assessed with reference to evidence of market conditions and assessed market value. Market segment risk rating should be consistent with this assessment.) For example: A property situated in a market where demand is low. A property with an awkward floor plan or unusual design that may limit its appeal. A property which is not sympathetic to the area or may be an over/under capitalised. Adverse marketability issues such as proximity to power lines, main roads etc. High value prestige property where normal market conditions require an extended selling period. 3. Are the existing improvements on the property incomplete, under construction or requiring essential repairs? You should trigger this RA if: Note A building is partially constructed or is undergoing renovation and there are outstanding works. A building has sustained significant damage and requires rectification work (e.g. flood or fire damage). You are assessing the market value of the property on a land component only basis (reflecting demolition of existing improvements on the property that are incomplete or uninhabitable). For a PropertyPRO Construction As If Complete valuation only where: o Construction has already commenced. o The building contracts and additional quotes result in an incomplete and/or uninhabitable dwelling. DO NOT trigger a RA for PropertyPRO Construction - As if Complete valuations where construction has not yet commenced (e.g. still vacant land). DO NOT trigger a RA for off the plan valuations (e.g. new units). e r s i o n S e p t e m b e r Page 28

30 4. Is the subject property critically affected by any Heritage, location or environmental issues? The aluer must comment to distinguish between Critical and General risks: A general adverse risk is considered to be an effect that is common to the area / location and does not have an adverse impact on marketability and value specific to the subject property. Conversely, a critical adverse risk is specific to the subject property and considered to have a negative impact on marketability and value. The RA should only be triggered if the property is affected by a critical risk attributable to any heritage, location or environmental issues. For Example: Heritage If the property is Heritage listed or is in a Heritage overlay area, however, this does not adversely impact marketability or use, then this RA should NOT be applied. If the property is Heritage listed or is in a Heritage overlay area and this affect is considered to have an adverse impact on marketability and/or impedes the use of the property, then this RA should be applied. Location The property has adverse location features which due to their exposure or close proximity, are considered to significantly reduce its appeal to the market. Examples of adverse location features may be any of the following: Railway Main road acquisition Flight paths High voltage transmission lines or electrical easements Onerous surrounding development Cemeteries Correctional centres Waste management centres Mobile phone towers If the property is affected by these attributes, however, this is reflected in the assessed market value and the affect is not considered to significantly reduce its appeal to market; then this RA should NOT be applied. e r s i o n S e p t e m b e r Page 29

31 Environmental The property is adversely impacted by an environmental issue and this is considered to significantly reduce its appeal to the market. Examples of environmental issues may be any of the following: Flooding Landslip Bushfire Contamination Cyclone Pest infestation Electrical Etc. You should only apply this RA if the affect is specific to the property and the risk is not one that is generally accepted by the market. For instance, a flood affect that applies to many other properties in the area and does not impede on value and/or saleability does not constitute a specific risk. In contrast, a flood affect that is specific to the property (or a select group of properties) that will reflect a penalty in value and/or demand by the market constitutes a specific risk and is therefore an appropriate trigger for this RA. In situations where you have triggered a RA you need to provide specific comments. e r s i o n S e p t e m b e r Page 30

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